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UK Racing Facing Major Sponsorship Hole
As delighted as the BHA, racing participants and racing fans are that British racing has resumed, the sport is dealing with some key sponsorship holes. Already having to cope with slashed feature prizemoney due to reduced betting turnover and on-course revenue losses, the industry is now faced with needing to find new sponsors for major races. Having no sponsor for the time-honoured St Leger is one thing, however an out-of-the-blue decision by Investec to cut short its current sponsorship of the Epsom Derby meeting (over two days in June) is a big blow. According to theguardian.com, Investec’s decision follows a month-long delay to the famous racemeeting which was unable to accommodate its 100,000-strong crowd due to behind closed doors COVID-19 protocols. It’s not just the Derby that’s impacted. Both the Gr1 Oaks and Gr1 Coronation Cup formed part of the sponsorship deal that was scheduled to continue until 2026. The report suggests that Investec has paid some of the forward revenue in order to release the business from the sponsorship contract.